Scandinavia: Vermouth Market 2024

Vermouth Market Size in Scandinavia

In 2022, the Scandinavia vermouth market decreased by -9.3% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Vermouth Production in Scandinavia

In value terms, vermouth production rose modestly to $X in 2022 estimated in export price. Overall, production saw a resilient increase. The growth pace was the most rapid in 2017 with an increase of 56%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Vermouth Exports

Exports in Scandinavia

In 2022, exports of vermouth in Scandinavia totaled X litres, growing by 7.8% compared with 2021. Over the period under review, exports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 172%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, vermouth exports expanded sharply to $X in 2022. Overall, exports posted a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 123% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Finland was the main exporter of vermouth in Scandinavia, with the volume of exports accounting for X litres, which was approx. 87% of total exports in 2022. It was distantly followed by Sweden (X litres), generating a 13% share of total exports.

Finland was also the fastest-growing in terms of the vermouth exports, with a CAGR of +21.5% from 2012 to 2022. Sweden experienced a relatively flat trend pattern. While the share of Finland (+47 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Sweden (-33.2 p.p.) displayed negative dynamics.

In value terms, Finland ($X) remains the largest vermouth supplier in Scandinavia, comprising 86% of total exports. The second position in the ranking was held by Sweden ($X), with a 14% share of total exports.

In Finland, vermouth exports increased at an average annual rate of +15.3% over the period from 2012-2022.

Export Prices by Country

The export price in Scandinavia stood at $X per litre in 2022, waning by -2.4% against the previous year. In general, the export price recorded a pronounced descent. The pace of growth appeared the most rapid in 2019 when the export price increased by 6.6% against the previous year. Over the period under review, the export prices hit record highs at $X per litre in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per litre), while Finland amounted to $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-3.3%).

Vermouth Imports

Imports in Scandinavia

In 2022, after two years of growth, there was decline in supplies from abroad of vermouth, when their volume decreased by -5% to X litres. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 25% against the previous year. As a result, imports reached the peak of X litres. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, vermouth imports fell to $X in 2022. Overall, imports continue to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2017 when imports increased by 20%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Sweden (X litres) was the key importer of vermouth, comprising 72% of total imports. It was distantly followed by Finland (X litres) and Norway (X litres), together making up a 28% share of total imports.

Sweden experienced a relatively flat trend pattern with regard to volume of imports of vermouth. At the same time, Finland (+2.4%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +2.4% from 2012-2022. By contrast, Norway (-5.8%) illustrated a downward trend over the same period. While the share of Finland (+5.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Sweden (-2.1 p.p.) and Norway (-3.6 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) constitutes the largest market for imported vermouth in Scandinavia, comprising 76% of total imports. The second position in the ranking was taken by Finland ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Sweden stood at -3.2%. The remaining importing countries recorded the following average annual rates of imports growth: Finland (-4.8% per year) and Norway (-7.6% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per litre in 2022, with a decrease of -8% against the previous year. Over the period under review, the import price recorded a pronounced downturn. The pace of growth appeared the most rapid in 2018 an increase of 6.9%. Over the period under review, import prices hit record highs at $X per litre in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per litre), while Finland ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (-1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform